Bitcoin pulls back ahead of $50K resistance, support at $46K

Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short-term. The cryptocurrency was trading around $47,000 at press time and support is nearby around the $46,000 price level.

There is strong resistance near $50,000, which can limit upside moves. However, buyers will likely defend lower support levels as BTC consolidates.

• The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. This could encourage brief selling towards $46,000 support.

• The RSI on the daily chart is around neutral levels, indicating a period of price consolidation could persist around the 200-day moving average, currently at $45,800.

• Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.